NSE Index drops by 0.62% as investors lose N60bn

The Nigerian Stock Exchange All-Share Index (NSE ASI) dipped for the second day in a row, shedding 0.62 per cent to close at 27,854.78 basis points from 28,027.23 basis points, dragged by profit-taking in Banking and Oil & Gas shares.

Investors on The Exchange lost N60 billion as market capitalisation that opened today at N9.63 trillion close at N9.57 trillion.

Specifically, equities market performance was largely influenced by declines in Guaranty Trust Bank Plc that dropped by 4.75 per cent, Forte Oil depreciated by 4.82 per cent and Lafarge Wapco 2.30 per cent

Investors reacted as Forte Oil announced 35 per cent decline in Profit after tax to N2.8 billion. Losses recorded across all sectors of the equities market albeit the Consumer goods sector which appreciated 0.3 per cent were attributed to the steep decline recorded.

Twenty seven declining stocks led by E-tranzact Plc which dropped 4.99 per cent to close at N5.14 per share also contributed to the fall in market capitalization.

BOC Gases recorded the second highest loss for the day, dropped 4.86 per cent or 18 kobo to close at N3.52 kobo per share, while investors profit-taking in Forte Oil over 34 per cent decline in profit after tax for the third quarter released on the floor of the NSE recently.

This led to a drop of 4.82 per cent or N7.69 in its share price to close at N152 per share. Other equity decliners were PharmaDeko, Guaranty, UAC-Prop, Wema Bank, Wapic Insurance, Stanbic, CCNN, PZ, Transcorp and FCMB.

Meanwhile, Diamond Bank Plc led the day’s 11 gainers with an appreciation of 4.39 per cent or 5 kobo to close at N1.19kobo per share, Nigerian Aviation Handling Company (NAHCO) Plc followed with a gain of 4.10 per cent or 13 kobo to close at N3.30 per share, and Dangote Sugar Plc came third on the advancers list with a growth of 2.85 percent or 18kobo to close at N6.50kobo per share.

Other gainers were Champion Breweries, Livestock feeds, Nigerian Breweries, Honeywell Flour and Mobil. Flourmills Nigeria Plc, Guinness, Vitafoam Plc also recorded gains of varying degrees at the close of the day’s trade.

Market activity as measured by volume and value traded in 2,954 deals, settled at 380.8 million units and N1.8 billion respectively, compared to 155.6 million units and N1.4 billion traded previously.

Trading in the Top Three equities were Access Bank Plc that sold 158.1 million units of shares valued at N886.9 million, Diamond Bank Plc came second with the sale of 79.6 million shares worth N91.6 million and Fidelity Bank Plc sold 28.8 million units of shares valued at N24.5 million.